Stocks With a Cash Cushion

*Correction

VALUATION MULTIPLES FOR stocks have mostly succumbed to wave upon wave of bad news, as earnings expectations become unreliable.

That's why, more than ever, cash on the balance sheet has become the primary indicator of a stock's worth.

Barron's Online conducted a screen of over 1,000 companies with more than $250 million in cash and equivalents, and came up with a list of five trading at less than two times the net cash on their balance sheets.

As you might expect, technology stocks, which have been cash-rich in general, dominate the list, with networking equipment vendor Sycamore Networks (ticker: ...